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State workers’ mortgage fund eyes house upgrades, land buys in wider role
The State Officers’ House Mortgage Scheme Fund wants regulatory changes to finance plots and home improvements, citing rising defaults, funding gaps and growing demand from new categories of officials.
The State Officers’ House Mortgage Scheme Fund is seeking amendments to the Public Finance Management Regulations to expand its mandate beyond the purchase of completed houses to include house improvement and the purchase of plots for future residential development.
The current regulations limit the Fund to financing only completed houses, excluding home renovations and use of gratuity -a payment, often a lump sum, given as a reward for service, typically upon retirement or resignation- for loan repayment.
